11/17/2006 @ 12:00AM

Stealth Wealth

Large houses, super-sized cars, expensive logos and exquisite “bling” have long been ways of making sure everyone knows–or thinks–that you are among the financial elite. But true to trend cycles, the fashion for aggressive displays of wealth is hitting a low point.

As evidence, we needn’t look any further than a modern master of materialism. Last month at the MTV International Music Video awards, Sean “Diddy” Combs said that he did not want to be defined by jewelry or money. (“I’m above all of that,” said the man who ordered that guests at his 29th birthday party only wear top designers–Gucci, Versace and Sean John Collection made the cut.)

Of course, some extremely well-off people have always eschewed showy things. But just because they (and other millionaires and billionaires) are trying to be less obvious about their wealth doesn’t mean they’re not spending it. “Stealth wealth” is about accoutrements that are subtle, not necessarily readable by the general public, but by those in the know. It’s wearing an understated but tremendously complicated watch, like a $507,000 Vacheron Constantin, rather than a diamond-encrusted version of anything. If it’s going to be a Rolex, head for a low-key Submariner with a slight color distinction that shows it’s a limited edition, not the regular fare.

“If you are hanging out in top society circles, you are with your peers, so there really is no reason to show off,” says Robert Johnston, a British purveyor of style who shuttles between London and New York. “It goes back to taste. If you have an eye for those types of objects, you are going to wear them.”

How you wear those hard-to-find or custom-made goods is a real test of sophistication, Johnston notes. A button left undone on the sleeve of a $7,000 bespoke suit, for example, signals that it is not from Men’s Warehouse. Other small details that most people wouldn’t notice stand out to the cognoscenti.

“There is a lot of consideration taken when putting together a bespoke suit,” says Ozwald Boateng, a bespoke suit designer based in London who has a large international following. His clients like having subtle ways to show off the exquisiteness of the suits. For example, he says, “I design the fabric and the lining that goes into each one of the suits. There’s an immense amount of detail that only the wearer is aware of; you don’t see that detail unless the wearer wants you to see it.”

The purchasing habits of the stealth wealthy are also extremely discrete. Personal shoppers are a must, as are stylists and consultants who seek out the best custom-made suits, one-of-a kind watches or difficult-to-find shoes.

Jeffrey Kalinsky, owner of the high-end specialty store Jeffrey in New York and Atlanta, says his clients seek out the newest, most interesting designers or accessories when they shop, regardless of whose name is on the label.

“It’s like my clients are part of a private club where they tend to purchase things that are chic and very sophisticated,” he says. “I don’t see many of my clients being very logo-driven, which is not to say that is a bad thing–it’s just that they would rather have something rare and provocative than something that is a little less recognizable.”

The need for the exquisite carries over to the office, where items like a limited-edition Omas pen or bottles of rare Hennessy cognac like the Ellipse are clues to wealth and taste.

“This is really important,” says Johnston. “What is in your office says a lot about what type of business person you are.”

One of the ultimate subtle status symbols: The Black Card, as American Express’ Centurion Card has come to be known. The card gives its members a cornucopia of privileges, including a personal concierge service and dedicated flight reservationists, all for an annual fee of $2,500. A spokesperson for American Express wouldn’t disclose further details, but she noted that membership is by invitation only.

“This is an extraordinary card, and with that comes extraordinary privilege,” she says.

Another way in which people can ensure they and their wealthy friends are taken care of is by using the Vertu phone, which allows you to connect to anyone all over the world and comes with a personal global concierge service.

“It’s all about the little details you see in people, and knowing what to recognize,” says Johnston. “If you don’t know what to look for, then the ‘stealth wealthy’ have accomplished their task of being under the radar.”